Computer Recycling Program

In an effort to support our environment, provide our customers with a cost-effective, easy way to dispose of their unused computer equipment and comply with local equipment disposal laws, we are announcing a new computer equipment recycling program. Here’s how it works:

At your request, we will recycle your used computer equipment for you. Computers will have their hard drives rendered inoperable (so that there is no possibility of anyone extracting data from them). We will then transport your equipment to a certified computer equipment recycling center for proper disposal.

To encourage as much participation in this program as possible, we are keeping the fee for this service to a minimum. To have your computers recycled, simply:

  1. Complete the form below, indicating the quantity of each item to be recycled
  2. Drop your equipment off at our office (along with this form), or give your equipment to one of our staff persons when they are at your office for another engagement
  3. We will send you an invoice for the service fee

Computer Equipment Recycling Program (PDF)

Rebecca Alderfer

Administrative Assistant

Becky joined Canon Capital in 2002. Prior to Canon Capital, she worked for an auto dealership and computer software company. She attended Montgomery County Community College for business. She resides in Tylersport with her husband and they have three children and nine grandchildren. Becky is active in her church and enjoys making crafts and baking. She also loves to take her vacations in Duck, North Carolina.

Pennsylvanians Receiving Property Tax/Rent Rebate Payments in 2021 to Receive Bonus

If you are a Pennsylvanian who receives the annual Property Tax/Rent Rebate payment, you are receiving a one-time bonus for 2021 that is equal to 70% of your original rebate amount. This is due to the passing of Act 54 calling for use of funds from the federal American Rescue Plan Act (ARPA) to provide additional support to Pennsylvanians who receive these annual rebates.

Learn more.

Elm Terrace Gardens Technical Support Request

The web based support form is no longer in use. Please use the green IT button on your Windows desktop or system tray to submit a support request. If you do not have the green IT button, please give us a call at 215-723-4881, extension 800, and we will be happy to assist you.

Bradley Barnhorst

Investment Committee Counsel

Brad joined Canon Capital in 2016 and serves as Investment Committee Counsel.  He is a recognized expert in investment portfolio risk and volatility reduction, with numerous published works in both scholarly and professional journals.   In addition to his role with Canon Capital, he serves as the Chair of the Finance Major and CFP Program Director for both the undergraduate and graduate divisions at DeSales University.  He has prior experience as an Associate Director for Bear, Stearns & Co. specializing in structured equity products and derivatives geared to mitigating investment risk. He holds the Chartered Financial Analyst (CFA) designation.  He has earned a Bachelor of Arts Degree in Computer Science from Harvard University as well as a Master of Business Administration (MBA) with a concentration in Corporate Finance and Investment Management from Penn State University.

Services: Let’s Get Started

Accounting

Our team of certified public accountants, certified management accountants, and chartered global management accountants work with you to understand your goals – personal and business.

Payroll

You didn’t start a business to run a payroll company. We stay up-to-date on the latest tax rates and payroll practices so you don’t have to. Our efficient, cost-effective payroll services allow you to continue working on your business goals.

Wealth Management

We work with business owners and personal investors to provide unbiased advice and clear expectations on investment choices.  We work with companies to develop successful retirement plans, such as 401(k) and 403(b) plans, helping employees reach their retirement goals.

Technologies

We take the worry out of your computer system management. From cyber threat management to data back-up, we work with you to address your concerns and make sure your systems are working for you.

The Inflation Reduction Act of 2022: What It Means for You

On August 16, 2022, President Joe Biden signed into law the $739 billion Inflation Reduction Act of 2022 (IRA).  This new law is a budget reconciliation bill that projects to raise $739 billion in revenue from tax increases to cover $369 billion in increased climate spending, $64 billion in increased health care spending, and approximately $300 billion in deficit reduction.

The key new taxes included in the law are a 15 percent minimum tax on certain corporations, a one percent tax on stock repurchases, and an extension of the IRC Section 461(l) excess business loss limitation. The Act also includes an $80 billion increase in Internal Revenue Services (IRS) funding, including $45 billion for enforcement and audits. The law also includes new and enhanced energy credits for individuals and businesses.

The major tax provisions include:

INDIVIDUAL TAX PROVISIONS

Affordable Care Act – Premium Tax Credit (PTC)

American Rescue Plan Act (ARPA) beneficial rules extended to apply for 2023-2025 (Increased PTC credits and availability to families over 400% of the poverty line)

Excess Business Losses

Extended two more years, now expires for tax years ending before 1/1/2029

IRS FUNDING

Approximately $80 billion in total, with $45 billion for enforcement and $25 billion for operations support. Treasury Department officials have said they do not plan to increase audits on small businesses or households making under $400,000 a year. However, we believe that they will be targeting S-Corps and smaller partnerships much more than they have in the past.

HIGHLIGHTED ENERGY TAX CREDITS AND DEDUCTIONS

Nonbusiness energy property credit (12/31/22)

  • Credit increased from 10% to 30% of the amount paid by the taxpayer for qualified energy efficiency improvements (doors, windows, skylights, insulation, heat pumps, water heaters, furnaces, water boilers, etc.)  Roofs are no longer qualified property.
  • Repeals the $500-lifetime limit and now has a $1,200 annual limitation instead

Residential energy efficient property credit (12/31/22)

  • Increases credit for qualified expenditures made by a taxpayer for residential energy efficient property (solar electric, solar water heating, fuel cell, small wind energy, geothermal heat pump, biomass fuel, and battery storage technology).  The credit is extended through 2034.

New qualified plug-in electric drive motor vehicles credit (12/31/22)

  • Credit amount – $3,750 for meeting the critical minerals requirement and $3,750 for meeting the battery component requirement. AGI limitations apply.
  • Repeals manufacturer limitations so additional vehicles qualify.  The vehicles that qualify must now be assembled in the US.  Vehicles that now qualify changed effective with the signing of the bill.  There is an exception for a contract entered into prior to 8/15/22 for a vehicle that no longer qualifies.

Credit for previously owned “clean” vehicles (12/31/22)

Possible credit amount – lesser of $4,000 or the amount equal to 30% of the sale price with respect to such vehicle. AGI limitations apply.

New §45W Qualified Commercial Credit Clean Vehicle Credit

Starting in 2023, the commercial vehicle credit is a great option for a business, especially for a business owned by a higher-income individual, as there are no income limits for this tax credit. The maximum credit amount is $7,500 for vehicles weighing less than 14,000 pounds, and $40,000 for all other vehicles. It qualifies as a business vehicle by being subject to depreciation.

Energy efficient commercial building deduction (section 179D) (12/31/22)

Now uses an applicable dollar value (ADV) multiplication formula to calculate a potentially higher deduction amount.

CORPORATE TAX PROVISIONS

New 15% Corporate Alternative (“Book”) Minimum Tax (12/31/22)

  • Only about 150 companies expected to be impacted
  • Applies if the average adjusted financial statement net income for the past three years exceeds $1 billion (aggregation rules apply)
  • Effective for tax years beginning after 12/31/2022

New 1% excise tax on the repurchase of corporate stock (12/31/22)

  • Impacts “covered” corporations whose stock traded on an established security market
  • Applies to the fair market value of stock repurchased during the entire tax year
  • Exceptions for tax-free reorganizations, repurchases of $1 million or less, ESOPs, RICs, REITs, dividends

MODIFICATION OF EXISTING Research CREDIT

For tax years beginning after December 31, 2022, the §41 research credit allowed against payroll tax liabilities for certain start-up businesses increases from $250,000 to $500,000.

While much of the above new law is not specifically tax related, there are pieces of this legislation that will affect you as taxpayers. We will stay on top of this legislation and make sure you are taking advantage of any benefits you are eligible for in the coming months. If you have any questions please call us at 215-723-4881 or contact us online.

Canon Capital Technical Support Request

The web based support form is no longer in use. Please use the green IT button on your Windows desktop or system tray to submit a support request. If you do not have the green IT button, please give us a call at 215-723-4881, extension 800, and we will be happy to assist you.

Vicki Barnes

Director of Payroll Services

Vicki joined Canon Capital in August, 1999 and is responsible for overseeing the daily operations of Payroll Services. Vicki has an Associate’s Degree in Accounting from Montgomery County Community College and has earned the Certified Payroll Professional designation. She is a member of the national American Payroll Association as well the Lehigh Valley Chapter, where she served as Secretary from 2006-2013.  Vicki resides in Sassamansville with her husband and son and enjoys crafts, reading, and kayaking in her free time.

New Pennsylvania Overtime Rules in Place for Salaried Employees Starting August 5, 2022

Ever since it was last amended in 2006, the Pennsylvania Minimum Wage Act established a fixed overtime rate for all salaried, non-exempt employees in Pennsylvania. That will change starting August 5, 2022, when Pennsylvania’s overtime regulations for salaried, non-exempt employees will better align with the Federal Fair Labor Standards Act (FLSA).

What does this mean? Rather than using the “fluctuating workweek” calculation for the overtime pay for salaried, non-exempt employees, Pennsylvania employers will be required to base overtime pay on a 40-hour work week, no matter how many hours the employee works in each week or the amount they are paid. Under this new rule, overtime pay is calculated by taking the total of the employee’s pay for that week and dividing it by 40 hours. The employer must then pay 1.5 times that rate for any time worked beyond 40 hours. This new overtime pay calculation will also apply to hourly employees.

Employee classifications that continue to be exempt are executives, administrative personnel, and professionals.

If you would like to discuss what this means for you and your business, call us at 215-723-4881 or contact us online.